Coal export terminal undergoes refinancing

By Emma Ryan|20 July 2017

Two global law firms have advised in a complex deal which saw a Newcastle coal export terminal undergo a refinancing worth in excess of US$600 million.

Firm: Herbert Smith Freehills (BHP); Ashurst (Newcastle Coal Infrastucture Group)

Deal: BHP has been advised on a refinancing in relation to the Newcastle Coal Infrastucture Group (NCIG) coal export terminal.

Value: US$634 million


Area: Finance

Key players: The legal team advising BHP was led by HSF partner Lucy McCullagh, with assistance from senior associate Josie Essery, solicitor Nicola Morris and graduate James Paolucci.

Deal significance: The NCIG coal export terminal is located on the Hunter River, in the Port of Newcastle, New South Wales. It is described as one of Australia’s leading coal export facilities.

NCIG is owned by a number of resource companies including BHP, Yancoal, Whitehaven Coal, Peabody Energy and Centennial Coal.

According to a statement from HSF, this refinancing featured various interconnected debt instruments, debt tranches and currencies.


Lead partner Ms McCullagh has advised BHP since the beginning of its investment in the NCIG coal export terminal and has extensive experience in advising on financings in the mining sector.

“This successful refinancing could inject confidence into mining companies with exposure to coal assets, which may encourage future refinances in relation to existing Australian coal projects,” she said, speaking about this refinancing.

Coal export terminal undergoes refinancing
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